Question

A firm dealing in cloth has 15000 meters of cloth on april1, 2005 valued at Rs 150000 according to LIFO. The firm purchased 20000 meters @ Rs 12 per meter during the year ending 31st march,2006 and sold 30000 meters @ Rs 25 per meter during the same period. As per LIFO, the closing stock will be valued at -​

Answer 1

Answer:12

Explanation:former purchased will sold first the remaining are newly arrived.

Answer 2

Answer:

600000

Explanation:

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